NZDUSD has been trending downward for the last four days, with today’s prices setting a new session low of 0.6668 after opening at 0.6697.
Today has also seen the prices of the pair clearing the low set in 2021 and approaching new lows that were set in November 2020.
Looking at the daily chart, the pair has already broken the downward sloping trend line. It is also showing huge signs of a strong downward move which I expect to hit the 0.6511 support level. When it reaches the 0.6511 support level, a move below it will indicate further selling opportunities.
The strong bearish move on the daily chart is also confirmed by MACD, which shows the reading below its baseline. The MACD indicator is also not signalling a divergence, an indication that the current downward trend is set to continue.